• SAUDI OIL MINISTER: I Don't Care If Prices Crash To $20 — We're Not Budging
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[url]http://www.businessinsider.com/r-saudis-naimi-says-opec-will-not-cut-output-however-far-oil-falls-mees-2014-12[/url] [quote]Saudi Arabia convinced its fellow OPEC members that it was not in the group's interest to cut oil output however far prices may fall, the kingdom's oil minister Ali al-Naimi said in an interview with the Middle East Economic Survey (MEES). OPEC met Nov. 27 and declined to cut production despite a slide in prices, marking a shift in strategy toward defending market share rather than supporting prices. "As a policy for OPEC, and I convinced OPEC of this, even Mr al-Badri (the OPEC secretary general) is now convinced, it is not in the interest of OPEC producers to cut their production, whatever the price is," Naimi was quoted by MEES as saying. "Whether it goes down to $20, $40, $50, $60, it is irrelevant," he said. He said the world "may not" see oil back at $100 a barrel, formerly Saudi Arabia's preferred level for prices, again.[/quote] What countries apparently need the price of oil to be just to stay in the black: Norway: $40 USD Russia: $105 USD Venezuela: $114.50 USD Iran: $135 USD Current price: $57.12 USD
norways always on top of their shit [editline]24th December 2014[/editline] hard to believe just how insanely dependent those countries have become on oil though over $100 a barrel to stay in the black? seriously?
[QUOTE=Medevila;46781898]it's also of note that selling crude is a major source of income for ISIS, and lower prices hurt them[/QUOTE] I'm now going to take pride in filling my car with cheap gas, take that terrorism
Keep goin' down baby! From 15.60 liters of diesel to almost 19 for 20 euros. And thats not even the cheapest pump.
[QUOTE=Grimhound;46781876] What countries apparently need the price of oil to be just to stay in the black: Iran: $135 USD Current price: $57.12 USD[/QUOTE] How can the Iranians fuck up this bad? They're going to end up falling to bits again at this rate.
[QUOTE=Shogoll;46782077]norways always on top of their shit [editline]24th December 2014[/editline] hard to believe just how insanely dependent those countries have become on oil though over $100 a barrel to stay in the black? seriously?[/QUOTE] All three of those countries have very one dimensional economies compared to say Norway, and so most of their government revenue comes from oil/natural gas. All three of them also fancy themselves regional military powers so as such they spend much more on military than they really are in a position to. This results in them needing quite high oil prices in order not be in the red and enter an economic tailspin due to lack of monetary resources.
Gas was $2.37 today. Filled a near empty tank for only $30 and had .50 cents of change because the tank almost overflowed on me.
[QUOTE=Deng;46782129]How can the Iranians fuck up this bad? They're going to end up falling to bits again at this rate.[/QUOTE] Guess that's what happens when the only thing your country makes that's worth exporting is oil. Oil is probably the only thing keeping most Middle Eastern countries from sliding into crushing poverty.
Based Saudi Arabia / OPEC Maybe we'll see sub $2/gal gas again
Gas is like 2.10 a gallon here. I can fill up my Focus for under $20. What a time to be alive.
[QUOTE=Snoberry Tea;46782222]Based Saudi Arabia / OPEC Maybe we'll see sub $2/gal gas again[/QUOTE] Already under $2/gal in some parts of the country. Wouldn't expect it to drop under that here in Florida, though.
One of our pumps is at $1.93
The rest of the countries are pressuring OPEC to reduce supply so they can compete, right?
[QUOTE=The freeman;46782255]Already under $2/gal in some parts of the country. Wouldn't expect it to drop under that here in Florida, though.[/QUOTE] It'll get under $2. It's already down to under $2.25 in a lot of places. [url]http://www.floridastategasprices.com/[/url]
[QUOTE=redBadger;46782159]Gas was $2.37 today. Filled a near empty tank for only $30 and had .50 cents of change because the tank almost overflowed on me.[/QUOTE] Got my tank at $2.19 - a week ago it was ~2.30. This stuff is seriously dropping fast.
Picked up some for $1.87 today. :dance:
Saw 1.98$ My mind nearly imploded. Also, can someone explain to me why OPEC dropped prices so rapidly, and why the minister said the world may never see 100$ a barrel again?
And people will be spending more natural resources at a increasing rate. Damn, I wish all that money went into developing nuclear power or more efficient electrical cars.
People start buying trucks again, then back to $4/gal
Gas prices are a bit weird where I am as places still has regular for $2.50~2.80 and premium for $3.00~3.50 where a Costco all with in 5 miles of these has prices at $2.19/$2.49. I'm just happy that gas no longer takes ~$50 a fill up down to ~$25. Saves so much money.
is gas price dickwaving on the same level as speedtest dickwaving
[QUOTE=ghghop;46782269]One of our pumps is at $1.93[/QUOTE] Hattiesburg Mississippi has stations at this right now. Shit is fucking amazing
So does this mean bad times for north western europe and russia?
[QUOTE=JohnFisher89;46782391]So does this mean bad times for north western europe and russia?[/QUOTE] Not north western Europe. Because they are not fuckwits. If there's something they are not, its being fuckwits. They've got anti cyclical funds from the money gained by selling barrels. Kinda the same thing the Chileans do with copper. On the other hand, the Russians....
[QUOTE=Deng;46782129][B]How can the Iranians fuck up this bad? [/B] They're going to end up falling to bits again at this rate.[/QUOTE] Uh, that's the result of years of crippling western sanctions.
[QUOTE=Mr.Goodcat;46782313]Saw 1.98$ My mind nearly imploded. Also, can someone explain to me why OPEC dropped prices so rapidly, and why the minister said the world may never see 100$ a barrel again?[/QUOTE] short answer: OPEC wants to control all oil in their mind the easiest way to do that is to basically ride the prices down until north american producers aren't willing to produce for that price
[QUOTE=Mr.Goodcat;46782313]Saw 1.98$ My mind nearly imploded. Also, can someone explain to me why OPEC dropped prices so rapidly, and why the minister said the world may never see 100$ a barrel again?[/QUOTE] The turn to alternative fuel/energy is speeding up rapidly, rockerfellers change off focus change was felt world wide, OPEC's thought get rid of as much as you can as quickly as you can before we find something new. ISIS is also being used as a proxy for basically slave labor for oil drilling, so long as they can keep a basic truce, gas prices will have huge drop in labor or infrastructure costs for a while. [editline]24th December 2014[/editline] [QUOTE=Cutthecrap;46782398]Not north western Europe. Because they are not fuckwits. If there's something they are not, its being fuckwits. They've got anti cyclical funds from the money gained by selling barrels. Kinda the same thing the Chileans do with copper. On the other hand, the Russians....[/QUOTE] Unless they can pipeline into europe without going into ukraine it's going to be tought, there will be an economic down turn regardless.
[QUOTE]Unless they can pipeline into europe without going into ukraine it's going to be tought, there will be an economic down turn regardless. [/QUOTE] Oh no, that's gas we're talking. I think. That's why all the fuzz about the Gazprom deals in Ukraine over the deposits and storage. [QUOTE]in their mind the easiest way to do that is to basically ride the prices down until north american producers aren't willing to produce for that price [/QUOTE] Hahahah, that's failing at political economics for dummies
[QUOTE=aydin690;46782402]Uh, that's the result of years of crippling western sanctions.[/QUOTE] No it isn't. A country which is overly dependent on oil revenues has no other country to blame but itself.
[QUOTE=Deng;46782447]No it isn't. A country which is overly dependent on oil revenues has no other country to blame but itself.[/QUOTE] That'd be saudi arabia. Oil proceeds only represent about 20 percent of iran's GDP.
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